Question
Rich Tim Employee salaries $150,000 $150,000 Bribes to police 20,000 20,000 Rent and utilities 40,000 40,000 Cost of goods sold -0- 230,000 Rich and Tim
|
| Rich | Tim
|
| Employee salaries | $150,000 | $150,000 |
| Bribes to police | 20,000 | 20,000 |
| Rent and utilities | 40,000 | 40,000 |
| Cost of goods sold | -0- | 230,000 |
Rich and Tim are both involved in operating illegal businesses. Rich operates a gambling business and Tim operates a drug production business. Both businesses have GROSS REVENUES OF $500,000. The businesses incur the following expenses. Calculate the net income for each of these activities.
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The Effect Of The Internal Auditing On Financial Performance
Authors: Shakir Al Ghalayini, Mohammed A. Keshta, Thabet M. Hassan
1st Edition
3656943052, 978-3656943051
